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| Tekijä: | Brockman, P. Unlu, E. |
| Otsikko: | Dividend policy, creditor rights, and the agency costs of debt |
| Lehti: | Journal of Financial Economics
2009 : MAY, VOL 92:2, p. 276-299 |
| Asiasana: | dividend policy finance |
| Vapaa asiasana: | agency costs creditor rights |
| Kieli: | eng |
| Tiivistelmä: | The purpose of the paper is to express the impact of country-level creditor rights on dividend policies. This is done by designating the balance of power that exists between debt and equity creditors. The data for the study is collected from companies operating in 52 different countries, and the findings indicate that companies in countries with poor creditor rights pay significantly less dividends and with less probability. In addition, it is found that the agency costs of debt have a stronger influence on dividend policy than the agency costs of equity, as stated in prior literature. |
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